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Numismatic Terms: Definitions Every Collector Should Know​​

In the world of coin and banknote collecting, understanding the right terminology is crucial. Misinterpreting a grading term, authentication process, or coin feature could lead to costly mistakes or missed opportunities. This glossary is designed to provide clear, accurate definitions of essential numismatic terms, helping collectors of all levels make informed decisions. Whether you're buying, selling, or simply expanding your knowledge, having the right information at your fingertips ensures you can navigate the numismatic market with confidence.

A

Adjustment Marks – Small scratches or file marks found on early coins where excess metal was removed before striking.

Alloy – A mixture of two or more metals used in coinage (e.g., copper-nickel, silver-gold alloys).

Altered Coin – A coin that has been modified after minting, such as by adding a mintmark or changing its date.

Ancients – Coins minted before 500 AD, typically including Greek, Roman, and Byzantine coins.

Anepigraphic – A coin design without any inscription or legend.

Appraisal – The process of evaluating the value of a numismatic item based on its condition, rarity, and demand.

Artificial toning - refers to the deliberate alteration of a coin’s surface color using chemicals, heat, or environmental exposure to simulate natural toning. This process is often done to enhance a coin’s visual appeal or deceive collectors into thinking the coin has developed an attractive patina over time.

Assay – The process of determining the metal content and purity of a coin or bullion piece.

Attribution – Identifying a coin by its type, date, mint, and other distinguishing features.

Authentication – The process of verifying the genuineness of a coin or banknote, often done by grading companies like NGC, PCGS, and PMG.

Aztec Coinage – Numismatic pieces related to pre-Columbian Mesoamerican cultures, often in the form of cast copper currency or tribute items.

B

Bag Marks – Small scratches or nicks on a coin from contact with other coins in a mint bag.

Banknote – Paper currency issued by a bank or government, representing a claim on a stored value.

Bar Cent – An unofficial, private token minted in the late 18th century in the United States.

Bas Relief – A sculptural technique where figures are slightly raised above the background, commonly seen in coin designs.

Beaded Border – A series of raised dots forming a decorative border on a coin.

Billon – A low-grade silver alloy containing more base metal than precious metal.

Bi-Metallic Coin – A coin composed of two different metals, such as the Euro or the Philippine 10 Peso.

Blank (Planchet) – A piece of metal prepared for striking into a coin.

Bonded Paper – A type of high-security paper used in banknotes to prevent counterfeiting.

Bourse – A marketplace where numismatic items are bought and sold, such as at a coin show.

C

Cameo Contrast – A proof coin with frosted devices and mirrored fields.

Cast Coin – A coin made by pouring molten metal into a mold rather than striking it with dies.

Certified Coin – A coin graded and authenticated by a professional third-party service such as NGC or PCGS.

Chop Marks – Small stamps added to a coin by merchants to verify authenticity, common in trade dollars.

Clad Coinage – Coins with a core of base metal and an outer layer of a different metal, such as modern US quarters.

Coin Alignment – A method of striking where the obverse and reverse designs are positioned in a specific orientation.

Coin Show – An event where collectors buy, sell, and trade coins.

Commemorative coin - is a specially issued coin designed to honor or celebrate a specific event, individual, anniversary, institution, or cultural milestone. Unlike regular circulation coins, commemorative coins are often produced in limited quantities and may feature unique designs, inscriptions, and finishes.

Condition Census – A term used to rank the finest known examples of a specific coin.

Consignment – Selling a coin through a dealer or auction house.

Countermark – A stamp or mark added to a coin after minting to revalidate or modify its usage.

Currency Note – A government-issued paper money unit, distinct from private banknotes.

D

Debasement – The reduction of precious metal content in a coin, often to increase government profits.

Demonetization – The process of removing a coin or banknote from legal tender status.

Denarius – A silver coin from ancient Rome, widely circulated for centuries.

Denticles – Small tooth-like projections around the edge of some coins.

Die Clash – A minting error caused when dies strike each other without a planchet in between.

Die Crack – A visible break in the die that results in a raised line on coins struck from it.

Double Die – A striking error where the coin’s design appears doubled due to die misalignment.

Draped Bust – A US coin design featuring Liberty with flowing drapery, used in the late 18th and early 19th centuries.

Ducat – A historic European gold coin used in trade.

Dutch Coinage – A category of coins from the Netherlands, known for their colonial and international influence.

E

Edge Lettering – Inscription or symbols stamped onto the edge of a coin, often for anti-counterfeiting.

Electrum – A naturally occurring alloy of gold and silver used in ancient coinage.

Encapsulated Coin – A coin sealed in a protective plastic holder by a grading service.

Engraver – The artist who creates the original design and details for a coin or medal.

Error Coin – A coin that exhibits a mistake made during the minting process.

Exonumia – Collectible numismatic items that are not coins or banknotes, such as tokens and medals.

Eye Appeal – The overall visual attractiveness of a coin, often influencing its value.

Emergency Issue – Coins or banknotes produced under extraordinary circumstances, such as war or economic crises.

Evasion Token – Counterfeit coins designed to look similar to legal tender while avoiding anti-counterfeiting laws.

Extra Fine (XF) – A coin grading term indicating light wear with strong details remaining.

F

Face Value – The nominal value printed on a coin or banknote, not necessarily its market value.

Fake Coin – A counterfeit coin produced to deceive collectors or the public.

Fantasy Note – A banknote designed to resemble real currency but with no legal tender status.

Field – The flat area of a coin’s surface surrounding the raised design elements.

Fiat Currency – Money that has value by government decree rather than intrinsic worth.

First Strike – Coins struck from a new die, typically having sharper details.

Flan – Another term for a blank planchet before striking.

Fractional Currency – Banknotes or coins with denominations below one unit of currency.

Frosted Devices – Raised portions of a coin with a matte finish, contrasting with mirrored fields.

Fugio Cent – The first official one-cent coin issued by the US in 1787.


G

Galvan – A large-scale relief model used to create coin dies.

Gilded Coin – A coin plated with gold for decorative or commemorative purposes.

Gold Standard – A monetary system where currency value is directly linked to gold.

Grade – The condition assessment of a coin, usually on a scale from Poor (P) to Mint State (MS).

Grading Service – A professional company that certifies a coin’s authenticity and assigns a grade.

Greysheet – The Coin Dealer Newsletter, a pricing guide for wholesale coin values.

Guilloche – An intricate, interwoven design used for security in banknotes.

Gutter Fold – A printing error on banknotes where part of the paper was folded during production.

Gem Uncirculated – A coin grading term indicating superior quality with minimal marks.

Gresham’s Law – An economic principle stating that "bad money drives out good" in circulation.

H

Hairlines – Fine, shallow scratches on a coin’s surface, often affecting its grade.

Hammered Coinage – Early coins made by hand striking with a hammer and anvil.

High Relief – A coin where the design elements are raised significantly above the field.

Hobo Nickel – A coin (usually a Buffalo Nickel) that has been artistically engraved.

Holographic Strip – A security feature in modern banknotes using reflective technology.

Holed Coin – A coin intentionally or unintentionally pierced with a hole.

Hub – A steel punch used to create coin dies.

Hyperinflation Note – A banknote issued during extreme inflation, often with very high denominations.

Historical Commemorative – A coin issued to honor a past event or figure.

Hub Doubling – A minting error where a design appears duplicated due to hub misalignment.

I

Incuse Design – A design element that is recessed into the coin rather than raised.

Indian Head – A common motif on US coins, particularly the Indian Head cent and gold eagle coins.

Inflationary Money – Banknotes issued with ever-increasing denominations due to inflation.

Inscription – The lettering or text found on a coin.

Intrinsic Value – The raw metal value of a coin based on its composition.

Iron Money – Currency made of iron, often issued during metal shortages.

Issue – A specific release of coins or banknotes, often defined by date and mint.

Imitation Doubloon – A replica of Spanish colonial gold coins, often used as pirate-themed souvenirs.

Ingot – A bar of precious metal, sometimes used as currency.

Irregular Planchet – A blank coin disc with deformities before striking.

J

Jeton – A token or medal-like object historically used for counting, gaming, or propaganda.

Jubilee Coin – A coin issued to commemorate a monarch's significant reign anniversary.

Judgment Note – A banknote issued during legal disputes or emergency financial situations.

Jugate Portrait – A coin design featuring two overlapping profiles, typically of rulers.

Japanese Invasion Money (JIM) – Banknotes issued by Japan during World War II in occupied territories.

Joint Issue – A coin or banknote issued collaboratively by two or more countries.

Jigsaw Note – A banknote that has been cut and reassembled from different notes.

Justified Wear – Normal wear on a circulated coin that does not diminish its collectible value significantly.

Judicial Countermark – An official stamp added to a coin to indicate its revalidation under new authority.

Jingping Money – A type of ancient Chinese currency associated with the Tang dynasty.

K

Key Date – A specific date in a coin series that is rare and highly sought after.

Karat – A measure of gold purity, with 24 karats being pure gold.

Klippe – A square or irregularly shaped coin struck during emergencies or sieges.

Knurled Edge – A coin edge with fine ridges, often used for security features.

Krause-Mishler Number (KM#) – A catalog reference number assigned to world coins.

Kettle Token – A British token issued in the 17th and 18th centuries for local trade.

Krugerrand – A South African gold bullion coin first issued in 1967.

Knighthood Medal – A medallion awarded for military or civil service by a sovereign authority.

Kushan Coinage – Coins issued by the Kushan Empire in Central Asia, featuring Greco-Buddhist designs.

Kopek – A subunit of Russian currency, historically issued in silver and copper.

L

Lamination Error – A mint error where the coin’s surface layer peels due to metal impurities.

Large Cent – A US copper coin issued from 1793 to 1857.

Legal Tender – Currency that must be accepted for the payment of debts.

Legend – The inscription around the edge or field of a coin.

Lenticular Coin – A coin with a holographic or optical illusion effect.

Liberty Head – A popular US coin design featuring a depiction of Liberty.

Lira – The former currency of Italy and Turkey, often issued in gold and silver.

Low Relief – A coin design where the raised elements are minimal in height.

Lustre – The natural sheen of a coin’s surface, affecting its eye appeal.

Lyons Mint – A famous medieval and Renaissance European mint producing high-quality coinage.

M

Milled Coinage – Coins struck with machinery rather than by hand.

Mint Error – A mistake in the minting process leading to misstrikes, planchet flaws, or die errors.

Mint Mark – A small symbol or letter indicating where a coin was struck.

Mintage – The total number of coins produced for a particular issue.

Morgan Dollar – A US silver dollar struck from 1878 to 1904 and again in 1921.

Monogram – Overlapping letters or symbols forming part of a coin’s design.

Medal Alignment – A striking method where the obverse and reverse are aligned in the same orientation.

Mule Coin – A coin struck using obverse and reverse dies not intended to be paired.

Master Die – The original die used to create working dies for minting.

Modern Proof – A specially made coin with a high-polish finish, struck with precision.

N

Numismatics – The study and collection of coins, banknotes, and medals.

Notaphily – The study and collection of banknotes.

NGC (Numismatic Guaranty Company) – A major third-party coin grading and authentication service.

Nickel Clad – A coin composed of a nickel alloy over a core of copper.

Novelty Coin – A coin issued primarily for collectors rather than circulation.

Numismatic Rarity Scale – A scale used to determine the scarcity of a coin.

Noble – A medieval English gold coin introduced in 1344.

Non-Circulating Legal Tender (NCLT) – Coins issued with face value but not meant for circulation.

Neon Ink – A security feature in modern banknotes that glows under UV light.

Nodular Corrosion – A corrosion effect seen on older copper and bronze

O

Obverse – The front or "heads" side of a coin, typically featuring a national emblem or portrait.

Overdate – A coin where one date is stamped over another due to die reuse.

Off-Center Strike – A mint error where the coin is misaligned in the press.

Oath of Allegiance Token – A historical token signifying loyalty to a ruling authority.

Open Collar Strike – A method where coins are struck without retaining the planchet tightly.

Optical Variable Ink (OVI) – A security ink used in banknotes that changes color when tilted.

Octagonal Coin – A coin struck in an eight-sided shape.

Oath of Fealty Medal – A historical medallion representing sworn loyalty to a ruler.

Oriental Banknotes – A term referring to historic Asian paper currency.

Over-Mintmark – When a mintmark is struck over another due to die modifications.

P

Pattern Coin – A prototype or trial coin not intended for circulation.

Piedfort – A thicker than normal coin, often issued as a special collectible.

Planchet – The blank metal disc used to strike a coin.

Privy Mark – A small symbol added to a coin to signify special editions or mint designations.

Professional Coin Grading Service (PCGS) – is one of the most trusted third-party coin grading companies in the world.

Proof Coin – A specially struck coin with polished dies for superior detail and finish.

Proof Set – A collection of proof coins issued together, usually for collectors.

Paper Money Guaranty (PMG) – A third-party grading service specializing in banknotes.

Punch Marked Coins – Ancient coins made by stamping designs with individual punches.

Platinum Eagle – A US platinum bullion coin first issued in 1997.

Posthumous Coinage – Coins issued after the death of the ruler depicted on them.

Q

Quarter Eagle – A US gold coin with a face value of $2.50, minted from 1796 to 1929.

Quintuple Sovereign – A large British gold coin worth five sovereigns.

Quantitative Easing Notes – Banknotes printed as part of a government’s monetary expansion policy.

Queen’s Beasts Series – A series of British bullion and proof coins featuring heraldic creatures.

Quinary System – A monetary system based on units of five (e.g., 5, 10, 50).

Quadriga Design – A coin design featuring a chariot drawn by four horses.

Quetzal – The currency of Guatemala, named after the national bird.

Quarter Dollar – A US coin worth 25 cents, widely used in commerce.

Quid – Slang for the British pound sterling.

Quadrum Case – A square protective holder used for coin storage.

R

Radiant Crown – A design element showing a sunburst around a figure’s head.

Red Book – A widely used price guide for US coins.

Reeded Edge – A coin edge with small vertical grooves, commonly used for security.

Replica – A reproduction of a coin, often made for collectors.

Restrike – A coin struck using original dies but at a later date.

Reverse – The back or "tails" side of a coin.

Roman Aureus – An ancient Roman gold coin used in trade and military payments.

Run Number – A batch identification number printed on banknotes for tracking.

Rarity Scale – A ranking system for determining how scarce a coin is.

Raw Coin – A coin that has not been graded or encapsulated by a third-party service.

S

Seigniorage – The profit made by a government when issuing currency.

Series – A set of coins with a common design or theme.

Shekel – An ancient coin used in the Middle East, including biblical times.

Silver Certificate – A type of US paper money backed by silver deposits.

Slabbed Coin – A coin that has been graded and sealed in a protective holder.

Solidus – A gold coin used in the late Roman and Byzantine empires.

Specimen Note – A banknote used for training or archival purposes, often marked "SPECIMEN."

Strike – The process of impressing a design onto a blank coin.

Star Note – A replacement banknote printed to replace defective notes.

Sterling Silver – A silver alloy containing 92.5% pure silver, often used in coinage.

T

Token – A privately issued coin-like object used in trade or transit systems.

Toning – The natural discoloration of a coin’s surface due to oxidation.

Trade Dollar – A silver coin minted for trade in foreign markets.

Truncation – The cut-off portion of a portrait’s neck on a coin design.

Trial Strike – A test striking of a coin to evaluate the die’s performance.

Troy Ounce – A unit of measurement for precious metals, equivalent to 31.1035 grams.

Transitional Design – A coin design used only for a short period during a transition to a new type.

Two-Bit Coin – A term referring to a quarter-dollar (25 cents).

Tetradrachm – A large ancient Greek silver coin equal to four drachmas.

Tear Banknote – A security feature where part of a banknote is pre-cut to test its authenticity.

U

Ultra Cameo – A proof coin with strong contrast between frosted devices and mirrored fields.

Uncirculated – A coin that has never been used in commerce and retains its original luster.

Undertype – The visible remains of an earlier coin design underneath a restrike.

Union Coin – A proposed but never minted US gold coin with a $100 denomination.

Unique Coin – A coin where only one known example exists.

Unguarded Strike – A coin struck without a collar, resulting in irregular edges.

United States Notes – A form of paper currency issued by the US Treasury before Federal Reserve Notes.

Utensil Marks – Scratches on a coin caused by use as a spoon or other tool.

Uniface – A coin or banknote with a design only on one side.

Ultra-High Relief – A coin with an extreme degree of raised design elements.

V

Variety – A coin that exhibits a minor design difference from others of the same series.

Vignettes – Detailed artwork on banknotes, often depicting historical scenes.

Vickers Banknotes – Early experimental polymer banknotes tested in the UK.

V-Nickel – A US five-cent coin issued from 1883 to 1913, featuring a large "V" on the reverse.

Victory Note – A banknote issued to commemorate wartime success.

Vanity Serial Number – A banknote with a highly desirable serial number pattern.

Voided Die – A die that has been retired from use and defaced to prevent further striking.

Vault Cash – Large holdings of banknotes stored in financial institutions.

Vest Pocket Dealer – A small-scale coin dealer who operates informally.

Visigothic Coinage – The coinage of the Visigothic Kingdom in Spain and France.

W

Watermark – A security feature embedded in paper currency to prevent counterfeiting.

Whizzed Coin – A coin that has been artificially cleaned to simulate luster.

World Coin – Any coin issued outside the collector’s home country.

Wire Edge – A thin, raised rim on a coin, often seen on early minting errors.

Worn Die – A die that has lost detail due to excessive use.

X

Xenon Security Ink – A rare security feature in modern banknotes using light-reactive properties.

Y

Year Set – A collection of all coin denominations issued in a specific year.

Yellow Seal Note – A US banknote with a yellow Treasury seal, issued for WWII use.

Z

Zinc Planchet – A blank disc made of zinc, used for certain wartime and modern coins.

Zero-Euro Note – A collectible banknote issued in Europe with no monetary value.